US Pending Home Sales Reach 21-Month High in November

Housing contract activity rose for the fourth consecutive month as buyers adjusted to elevated mortgage rates and benefited from increased inventory.

The National Association of Realtors' Pending Home Sales Index rose 2.2% in November, reaching its highest level since February 2023.
Pending home sales increased by 6.9% year-over-year, with gains recorded in all regions except the Northeast.
Improved inventory levels, up nearly 18% from a year earlier, have contributed to the uptick in contract activity.
Buyers appear to have recalibrated their expectations for mortgage rates, which have remained above 6% for two years.
The housing market is shifting away from a seller’s market, giving buyers more negotiating power despite high home prices and borrowing costs.